Despite the lackluster performance of many cryptos this week, a few altcoins crypto whales bought and increased their exposure.
In this analysis, BeInCrypto examines the top altcoins targeted by whales and explores the reasons behind their purchases. This week’s top picks include Immutable (IMX), Pendle (PENDLE), and Injective (INJ).
Immutable (IMX)
Immutable (IMX), the native token of the Ethereum-based layer-2 scaling solution Immutable, emerged as the top choice for crypto whales this week.
Data from IntoTheBlock shows that the net flow of IMX held by large investors surged from 288,177 tokens to 16.02 million. This indicates a net purchase of around 15.71 million IMX tokens in October’s fourth week.
At the current IMX price of $1.44, this influx amounts to approximately $22.62 million. According to BeInCrypto’s findings, this large accumulation could be linked to the upcoming token unlock, scheduled to take place in six days.
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Immutable Large Holders Netflow. Source: IntoTheBlock
Despite this substantial buying activity, IMX’s price declined by 5% over the past seven days. However, if whales continue their accumulation, IMX could see a price rebound in the coming weeks.
Injective (INJ)
The Injective token is also part of the altcoins crypto whales bought this week. According to Santiment, the balance of addresses holding between 10 million and 100 million INJ moved from 80.49 million to 80.70 million.
This surge in INJ accumulation indicates that crypto whales may anticipate a potential price increase. Additionally, the move could be tied to speculation that Injective might join the Artificial Superintelligence Alliance merger.
Despite the accumulation, INJ’s price dropped by 7% this week. But if whales continue to buy the altcoin, then a recovery could be an option in the short term.
Injective Balance of Whale Addresses. Source: Santiment
Pendle (PENDLE)
Unlike IMX and INJ prices, PENDLE produced a positive return this week as the price climbed by 8%. Amid this price increase, crypto whales decided to buy the token, which enhanced the trading of future yields on the Pendle protocol.
On October 23, the large holders’ netflow was 165,260. But as of this writing, the figure has increased to 1.33 million, meaning whales bought about 1.16 million PENDLE tokens, valued at $5.42 million.
The exact reason behind whales’ recent purchases of Pendle remains uncertain. However, the current buying activity could suggest a “buy the dip” approach, as PENDLE is trading 37% below its all-time high.
Read more: Which Are the Best Altcoins To Invest in October 2024?
Pendle Large Holders Netflow. Source: IntoTheBlock
Should this buying momentum persist, PENDLE’s value may see an upward move in response to increased demand. Conversely, if whales reduce their accumulation, PENDLE’s price could face downward pressure.
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